Tax-Advantaged Global Dividend Opportunities Fund
 
 
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
811-21519
Investment Company Act File Number
Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund
(Exact Name of Registrant as Specified in Charter)
Two International Place, Boston, Massachusetts 02110
(Address of Principal Executive Offices)
Maureen A. Gemma
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)
(617) 482-8260
(Registrant’s Telephone Number, Including Area Code)
October 31
Date of Fiscal Year End
July 31, 2011
Date of Reporting Period
 
 

 

 

Item 1. Schedule of Investments

 

 

Eaton Vance
Tax-Advantaged Global Dividend Opportunities Fund
July 31, 2011
 
PORTFOLIO OF INVESTMENTS (Unaudited)
 
Common Stocks — 103.6%
 
                 
Security   Shares     Value  
Aerospace & Defense — 2.0%
               
United Technologies Corp.(1)
    83,000     $ 6,875,720  
                 
            $ 6,875,720  
                 
Airlines — 1.4%
               
Singapore Airlines, Ltd.(1)
    400,000     $ 4,707,741  
                 
            $ 4,707,741  
                 
Chemicals — 4.9%
               
Air Liquide SA(1)
    13,000     $ 1,785,719  
BASF SE(1)
    89,000       8,037,694  
PPG Industries, Inc.(1)
    80,000       6,736,000  
                 
            $ 16,559,413  
                 
Commercial Banks — 9.8%
               
Commonwealth Bank of Australia
    66,000     $ 3,568,964  
Fifth Third Bancorp(1)
    284,000       3,592,600  
Natixis(1)
    1,300,000       5,897,277  
PNC Financial Services Group, Inc.(1)
    122,000       6,623,380  
Societe Generale(1)
    120,000       5,939,950  
Wells Fargo & Co.(1)
    260,000       7,264,400  
                 
            $ 32,886,571  
                 
Communications Equipment — 3.5%
               
HTC Corp.(1)
    182,700     $ 5,434,861  
Telefonaktiebolaget LM Ericsson, Class B(1)
    492,000       6,179,849  
                 
            $ 11,614,710  
                 
Consumer Finance — 1.0%
               
American Express Co.(1)
    70,000     $ 3,502,800  
                 
            $ 3,502,800  
                 
Diversified Financial Services — 1.0%
               
JPMorgan Chase & Co.(1)
    86,000     $ 3,478,700  
                 
            $ 3,478,700  
                 
Diversified Telecommunication Services — 8.8%
               
Chunghwa Telecom Co., Ltd. 
    1,562,000     $ 5,413,787  
Deutsche Telekom AG(1)
    495,000       7,715,927  
Singapore Telecommunications, Ltd.(1)
    140,000       386,565  
Telefonos de Mexico SA de CV ADR(1)
    130,000       2,100,800  
Telekomunikacja Polska SA(1)
    528,000       3,304,901  
Telstra Corp., Ltd. 
    1,087,000       3,565,648  
Verizon Communications, Inc.(1)
    200,000       7,058,000  
                 
            $ 29,545,628  
                 
Electric Utilities — 2.4%
               
Enel SpA(1)
    725,000     $ 4,175,522  
Iberdrola SA(1)
    488,341       3,968,090  
                 
            $ 8,143,612  
                 
Energy Equipment & Services — 3.3%
               
Halliburton Co.(1)
    78,000     $ 4,268,940  
Schlumberger, Ltd.(1)
    76,000       6,868,120  
                 
            $ 11,137,060  
                 
 
1

 

                 
Security   Shares     Value  
Food & Staples Retailing — 1.8%
               
Wal-Mart Stores, Inc.(1)
    113,000     $ 5,956,230  
                 
            $ 5,956,230  
                 
Food Products — 4.3%
               
Nestle SA ADR(1)
    63,000     $ 4,016,250  
Sara Lee Corp.(1)
    200,000       3,822,000  
Unilever PLC ADR(1)
    203,000       6,508,180  
                 
            $ 14,346,430  
                 
Health Care Providers & Services — 2.2%
               
Fresenius Medical Care AG & Co. KGaA(1)
    96,000     $ 7,367,701  
                 
            $ 7,367,701  
                 
Hotels, Restaurants & Leisure — 1.6%
               
McDonald’s Corp.(1)
    62,000     $ 5,361,760  
                 
            $ 5,361,760  
                 
Household Products — 1.3%
               
Kimberly-Clark de Mexico SA de CV(1)
    700,000     $ 4,353,642  
                 
            $ 4,353,642  
                 
Industrial Conglomerates — 1.3%
               
Siemens AG(1)
    34,000     $ 4,345,409  
                 
            $ 4,345,409  
                 
Insurance — 3.6%
               
Aflac, Inc.(1)
    80,000     $ 3,684,800  
Aviva PLC(1)
    512,000       3,334,386  
Prudential Financial, Inc.(1)
    89,000       5,222,520  
                 
            $ 12,241,706  
                 
IT Services — 2.5%
               
Accenture PLC, Class A(1)
    78,000     $ 4,612,920  
International Business Machines Corp.(1)
    20,000       3,637,000  
                 
            $ 8,249,920  
                 
Machinery — 3.3%
               
Caterpillar, Inc.(1)
    46,000     $ 4,544,340  
Illinois Tool Works, Inc.(1)
    129,000       6,424,200  
                 
            $ 10,968,540  
                 
Media — 0.7%
               
Time Warner, Inc.(1)
    70,000     $ 2,461,200  
                 
            $ 2,461,200  
                 
Metals & Mining — 9.1%
               
BHP Billiton, Ltd. ADR(1)
    73,000     $ 6,683,150  
Cliffs Natural Resources, Inc.(1)
    72,000       6,467,040  
Freeport-McMoRan Copper & Gold, Inc.(1)
    186,000       9,850,560  
KGHM Polska Miedz SA(1)
    110,000       7,528,599  
                 
            $ 30,529,349  
                 
Multi-Utilities — 2.7%
               
National Grid PLC(1)
    574,000     $ 5,616,247  
Sempra Energy(1)
    66,000       3,345,540  
                 
            $ 8,961,787  
                 
Multiline Retail — 2.1%
               
Target Corp.(1)
    140,000     $ 7,208,600  
                 
            $ 7,208,600  
                 
Oil, Gas & Consumable Fuels — 9.5%
               
Apache Corp.(1)
    32,000     $ 3,959,040  
Chevron Corp.(1)
    30,000       3,120,600  
 
2

 

                 
Security   Shares     Value  
ConocoPhillips(1)
    53,000     $ 3,815,470  
Enbridge, Inc.(1)
    104,000       3,420,560  
ENI SpA(1)
    277,000       6,019,496  
Occidental Petroleum Corp.(1)
    60,000       5,890,800  
Royal Dutch Shell PLC, Class A(1)
    104,000       3,809,474  
Total SA ADR(1)
    35,000       1,892,450  
                 
            $ 31,927,890  
                 
Paper & Forest Products — 1.1%
               
UPM-Kymmene Oyj(1)
    248,000     $ 3,864,681  
                 
            $ 3,864,681  
                 
Pharmaceuticals — 8.0%
               
Bristol-Myers Squibb Co.(1)
    167,000     $ 4,786,220  
Novartis AG(1)
    113,000       6,927,135  
Roche Holding AG(1)
    48,000       8,613,399  
Sanofi-Aventis(1)
    85,000       6,604,543  
                 
            $ 26,931,297  
                 
Real Estate Investment Trusts (REITs) — 1.0%
               
Plum Creek Timber Co., Inc.(1)
    87,000     $ 3,325,140  
                 
            $ 3,325,140  
                 
Road & Rail — 1.0%
               
Canadian National Railway Co.(1)
    47,000     $ 3,518,420  
                 
            $ 3,518,420  
                 
Software — 1.0%
               
Microsoft Corp.(1)
    126,000     $ 3,452,400  
                 
            $ 3,452,400  
                 
Specialty Retail — 2.2%
               
Home Depot, Inc.(1)
    100,000     $ 3,493,000  
Industria de Diseno Textil SA(1)
    44,000       3,978,591  
                 
            $ 7,471,591  
                 
Tobacco — 1.3%
               
British American Tobacco PLC(1)
    96,000     $ 4,431,480  
                 
            $ 4,431,480  
                 
Water Utilities — 2.0%
               
United Utilities Group PLC(1)
    690,000     $ 6,650,908  
                 
            $ 6,650,908  
                 
Wireless Telecommunication Services — 1.9%
               
Vodafone Group PLC(1)
    2,303,666     $ 6,460,294  
                 
            $ 6,460,294  
                 
                 
Total Common Stocks
(identified cost $288,412,961)
          $ 348,838,330  
                 
 
Preferred Stocks — 19.0%
 
                 
Security   Shares     Value  
Commercial Banks — 7.8%
               
Abbey National Capital Trust I, 8.963%(2)
    1,460     $ 1,591,416  
Bank of America Corp., 8.125%(2)
    1,300       1,362,513  
Barclays Bank PLC, 7.434%(2)(3)
    2,920       2,969,034  
BNP Paribas, 7.195%(2)(3)
    25       2,379,988  
Credit Agricole SA/London, 6.637%(2)(3)
    1,932       1,682,891  
Farm Credit Bank of Texas, Series I, 10.00%
    2,700       3,099,094  
JPMorgan Chase & Co., 7.90%(2)
    1,305       1,429,355  
KeyCorp, Series A, 7.75%
    11,620       1,294,119  
 
3

 

                 
Security   Shares     Value  
Landsbanki Islands HF, 7.431%(2)(3)(4)(5)(6)
    2,150     $ 0  
Lloyds Banking Group PLC, 6.657%(2)(3)(4)
    3,435       2,473,200  
PNC Financial Services Group, Inc., 6.75%(2)
    2,000       2,004,165  
Royal Bank of Scotland Group PLC, 7.648%(2)
    1,119       994,416  
Royal Bank of Scotland Group PLC, Series F, 7.65%
    3,978       88,550  
Royal Bank of Scotland Group PLC, Series L, 5.75%
    89,180       1,549,948  
Royal Bank of Scotland Group PLC, Series Q, 6.75%
    5,550       89,133  
Royal Bank of Scotland Group PLC, Series S, 6.60%
    25,075       402,454  
Standard Chartered PLC, 6.409%(2)(3)
    10.50       1,037,119  
Wells Fargo & Co., Series L, 7.50%
    1,800       1,911,060  
                 
            $ 26,358,455  
                 
Consumer Finance — 0.6%
               
Ally Financial, Inc., Series A, 8.50%(2)
    83,975     $ 2,069,270  
                 
            $ 2,069,270  
                 
Diversified Financial Services — 0.6%
               
Citigroup Capital XI, 6.00%
    42,185     $ 970,255  
Heller Financial, Inc., Series D, 6.95%
    11,000       1,106,532  
                 
            $ 2,076,787  
                 
Electric Utilities — 2.1%
               
Entergy Arkansas, Inc., 6.45%
    110,721     $ 2,726,505  
Southern California Edison Co., 6.00%
    8,569       837,084  
Southern California Edison Co., Series D, 6.50%
    19,500       1,987,173  
Virginia Electric and Power Co., 6.12%
    15       1,541,506  
                 
            $ 7,092,268  
                 
Food Products — 0.6%
               
Dairy Farmers of America, 7.875%(3)
    18,500     $ 1,670,204  
Ocean Spray Cranberries, Inc., 6.25%(3)
    4,250       390,734  
                 
            $ 2,060,938  
                 
Insurance — 5.5%
               
Aegon NV, 6.375%
    13,133     $ 294,048  
Allianz SE, 8.375%
    12,690       332,319  
Aspen Insurance Holdings, Ltd., 7.401%(2)
    15,200       378,480  
AXA SA, 6.379%(2)(3)
    2,442       2,095,172  
AXA SA, 6.463%(2)(3)
    2,471       2,095,603  
Endurance Specialty Holdings, Ltd., Series B, 7.50%
    63,350       1,593,252  
ING Capital Funding Trust III, 3.846%(2)
    4,330       4,100,140  
Montpelier Re Holdings, Ltd., 8.875%
    126,350       3,297,735  
PartnerRe, Ltd., Series E, 7.25%
    63,550       1,626,880  
Prudential PLC, 6.50%
    2,600       2,526,369  
                 
            $ 18,339,998  
                 
Real Estate Investment Trusts (REITs) — 1.8%
               
CapLease, Inc., Series A, 8.125%
    75,000     $ 1,858,125  
Cedar Shopping Centers, Inc., Series A, 8.875%
    37,895       953,059  
Developers Diversified Realty Corp., Series I, 7.50%
    74,500       1,805,135  
Regency Centers Corp., Series C, 7.45%
    20,000       500,600  
Sunstone Hotel Investors, Inc., Series A, 8.00%
    10,000       242,100  
Sunstone Hotel Investors, Inc., Series D, 8.00%
    28,800       688,680  
                 
            $ 6,047,699  
                 
                 
Total Preferred Stocks
(identified cost $64,600,243)
          $ 64,045,415  
                 
 
4

 

Corporate Bonds & Notes — 10.0%
 
                 
    Principal
 		       
    Amount
 		       
Security   (000’s omitted)     Value  
Commercial Banks — 4.0%
               
ABN Amro North American Holding Preferred Capital Repackage Trust I, 6.523% to 11/8/12, 12/29/49(3)(7)
  $ 1,100     $ 1,017,500  
Banco Industriale Comercial SA, 8.50%, 4/27/20(3)
    740       781,625  
Citigroup Capital XXI, 8.30% to 12/21/37, 12/21/57, 12/21/77(7)(8)
    1,733       1,784,990  
Groupe BPCE, 12.50% to 9/30/19, 8/29/49(3)(7)
    1,936       2,249,721  
Northgroup Preferred Capital Corp., 6.378% to 10/15/17, 1/29/49(3)(7)
    3,200       3,083,654  
PNC Preferred Funding Trust II, 6.113% to 3/15/12, 3/29/49(3)(7)
    3,700       3,108,437  
Societe Generale SA, 5.922% to 4/5/17, 4/5/49(3)(7)
    397       346,384  
SunTrust Preferred Capital I, 5.853% to 12/15/11, 6/29/49(7)
    1,000       812,500  
                 
            $ 13,184,811  
                 
Diversified Financial Services — 0.6%
               
Corporate Porfolio Trust, 9.618%, 6/15/2110(2)(3)
  $ 995     $ 1,004,702  
HSBC Finance Capital Trust IX, 5.911% to 11/30/15, 11/30/35(7)
    1,090       1,013,700  
                 
            $ 2,018,402  
                 
Electric Utilities — 1.8%
               
Energisa SA, 9.50%, 1/29/49(3)
  $ 800     $ 852,000  
Integrys Energy Group, Inc., 6.11% to 12/1/16, 12/1/66(7)
    2,150       2,131,964  
PPL Capital Funding, Inc., Series A, 6.70% to 3/30/17, 3/30/67(7)
    3,000       2,959,926  
                 
            $ 5,943,890  
                 
Insurance — 2.0%
               
MetLife, Inc., 10.75% to 8/1/34, 8/1/39, 8/1/69(7)(8)
  $ 2,000     $ 2,847,462  
QBE Capital Funding II LP, 6.797% to 6/1/17, 6/29/49(3)(7)
    735       699,158  
XL Capital, Ltd., 6.50% to 4/15/17, 12/29/49(7)
    3,600       3,397,500  
                 
            $ 6,944,120  
                 
Pipelines — 1.0%
               
Enterprise Products Operating, LLC, 7.00% to 6/1/17, 6/1/67(7)
  $ 1,000     $ 1,008,541  
Southern Union Co., 7.20% to 11/1/11, 11/1/66(7)
    2,750       2,571,250  
                 
            $ 3,579,791  
                 
Retail-Food and Drug — 0.6%
               
CVS Caremark Corp., 6.302% to 6/1/12, 6/1/37, 6/1/62(7)(8)
  $ 2,102     $ 2,049,851  
                 
            $ 2,049,851  
                 
                 
Total Corporate Bonds & Notes
(identified cost $30,839,246)
          $ 33,720,865  
                 
                 
Total Investments — 132.6%
(identified cost $383,852,450)
          $ 446,604,610  
                 
                 
Other Assets, Less Liabilities — (32.6)%
          $ (109,859,660 )
                 
                 
Net Assets — 100.0%
          $ 336,744,950  
                 
 
             
The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
         
ADR
  -   American Depositary Receipt
         
(1)
      Security has been segregated as collateral with the custodian for borrowings under the Committed Facility Agreement.
         
(2)
      Variable rate security. The stated interest rate represents the rate in effect at July 31, 2011.
         
(3)
      Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At July 31, 2011, the aggregate value of these securities is $29,937,126 or 8.9% of the Fund’s net assets.
         
(4)
      Non-income producing security.
         
(5)
      Defaulted security.
         
(6)
      Security valued at fair value using methods determined in good faith by or at the direction of the Trustees.
         
(7)
      Security converts to floating rate after the indicated fixed-rate coupon period.
         
(8)
      The maturity dates shown are the scheduled maturity date and final maturity date, respectively. The scheduled maturity date is earlier than the final maturity date due to the possibility of earlier repayment.
 
5

 

Country Concentration of Portfolio
 
                 
    Percentage of
 		       
Country   Total Investments     Value  
United States
    51.4 %   $ 229,695,845  
United Kingdom
    9.3       41,579,079  
France
    6.4       28,560,435  
Germany
    6.2       27,799,050  
Switzerland
    4.4       19,556,784  
Australia
    3.3       14,516,920  
Taiwan
    2.4       10,848,648  
Poland
    2.4       10,833,500  
Italy
    2.3       10,195,018  
Spain
    1.8       7,946,681  
Canada
    1.6       6,938,980  
Bermuda
    1.5       6,896,347  
Mexico
    1.4       6,454,442  
Sweden
    1.4       6,179,849  
Singapore
    1.1       5,094,306  
Ireland
    1.0       4,612,920  
Finland
    0.9       3,864,681  
Cayman Islands
    0.8       3,397,500  
Brazil
    0.4       1,633,625  
Iceland
    0.0       0  
                 
Total Investments
    100.0 %   $ 446,604,610  
                 
 
The Fund did not have any open financial instruments at July 31, 2011.
 
The cost and unrealized appreciation (depreciation) of investments of the Fund at July 31, 2011, as determined on a federal income tax basis, were as follows:
 
         
Aggregate cost
  $ 384,684,457  
         
Gross unrealized appreciation
  $ 76,290,918  
Gross unrealized depreciation
    (14,370,765 )
         
Net unrealized appreciation
  $ 61,920,153  
         
 
Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
 
  •   Level 1 — quoted prices in active markets for identical investments
 
  •   Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
 
  •   Level 3 — significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)
 
In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
 
6

 

At July 31, 2011, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:
 
                                 
Asset Description   Level 1     Level 2     Level 3     Total  
   
Common Stocks
                               
Consumer Discretionary
  $ 18,524,560     $ 3,978,591     $ —     $ 22,503,151  
Consumer Staples
    24,656,302       4,431,480       —       29,087,782  
Energy
    33,235,980       9,828,970       —       43,064,950  
Financials
    36,694,340       18,740,577       —       55,434,917  
Health Care
    4,786,220       29,512,778       —       34,298,998  
Industrials
    21,362,680       9,053,150       —       30,415,830  
Information Technology
    11,702,320       11,614,710       —       23,317,030  
Materials
    29,736,750       21,216,693       —       50,953,443  
Telecommunication Services
    9,158,800       26,847,122       —       36,005,922  
Utilities
    3,345,540       20,410,767       —       23,756,307  
 
 
Total Common Stocks
  $ 193,203,492     $ 155,634,838 *   $ —     $ 348,838,330  
 
 
Preferred Stocks
                               
Consumer Staples
  $ —     $ 2,060,938     $ —     $ 2,060,938  
Financials
    18,854,933       36,037,276       0       54,892,209  
Utilities
    —       7,092,268       —       7,092,268  
 
 
Total Preferred Stocks
  $ 18,854,933     $ 45,190,482     $ 0     $ 64,045,415  
 
 
Corporate Bonds & Notes
  $ —     $ 33,720,865     $ —     $ 33,720,865  
 
 
Total
  $ 212,058,425     $ 234,546,185     $ 0     $ 446,604,610  
 
 
 
* Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets.
 
There was no activity in investments valued based on Level 3 inputs during the fiscal year to date ended July 31, 2011 to require a reconciliation of Level 3 investments. At July 31, 2011, the value of investments transferred between Level 1 and Level 2, if any, during the fiscal year to date then ended was not significant.
 
For information on the Fund’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements included in its semiannual or annual report to shareholders.
 
7

 

Item 2.   Controls and Procedures
(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant on this Form N-Q has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant on this Form N-Q has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrant’s internal controls over financial reporting during the fiscal quarter for which the report is being filed that have materially affected, or are reasonably likely to materially affect the registrant’s internal control over financial reporting.

 

 

Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund
         
By:
  /s/ Judith A. Saryan
 
Judith A. Saryan 		   
 
  President    
 
        
Date:
  September 26, 2011    
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
         
By:
  /s/ Judith A. Saryan
 
Judith A. Saryan 		   
 
  President    
 
        
Date:
  September 26, 2011    
 
        
By:
  /s/ Barbara E. Campbell
 
Barbara E. Campbell 		   
 
  Treasurer    
 
        
Date:
  September 26, 2011